The Fund returned minus 0.43% net of fees during November 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 149.2% long and 30.6% short. Average net exposure over the month was +118.6%. At the end of the month the Fund had 35 long positions and 9 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, healthcare, telecommunications and materials sectors

The Fund returned 2.25% net of fees during October 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 169.5% long and 36.3% short. Average net exposure over the month was +133.2%. At the end of the month the Fund had 36 long positions and 10 short positions. The Fund’s biggest stock exposures at month end were spread across the financials, consumer discretionary, healthcare and materials sectors.

The Fund returned –2.09% net of fees during September 2014. This compares with the benchmark return of 0.21% and the All Ordinaries Accumulation Index return of –5.26%. Average gross capital employed by the Fund was 148.9% long and 29.6% short. Average net exposure over the month was +119.3%. At the end of the month the Fund had 33 long positions and 12 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer discretionary, financials and materials sectors.

The Fund returned 5.24% net of fees during August 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 144.8% long and 22.5% short. Average net exposure over the month was +122.3%. At the end of the month the Fund had 37 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer discretionary, telecommunications, financials and healthcare sectors

The Fund returned 2.95% net of fees during July 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 149.8% long and 26.1% short. Average net exposure over the month was +123.7%. At the end of the month the Fund had 36 long positions and 5 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer discretionary, telecommunications, financials, materials and healthcare sectors

The Fund returned 1.48% net of fees during June 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 147.1% long and 31.7% short. Average net exposure over the month was +115.5%. At the end of the month the Fund had 37 long positions and 7 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer discretionary, telecommunications, financials, materials and healthcare sectors

The Fund returned 3.82% net of fees during May 2014. This compares with the benchmark return of 0.21%. Average gross capital employed by the Fund was 117.4% long and 43.5% short. Average net exposure over the month was +74.0%. At the end of the month the Fund had 35 long positions and 10 short positions. The Fund’s biggest stock exposures at month end were spread across the consumer discretionary, telecommunications, materials and financials sectors.